The companies that work with technology development in the mean time try to come up with new and better solutions to additionally ease the mobile e-payment methods, and one of those methods is currently being tested by Visa. We are talking about a method that allows payment by using a ring which will have a special built in chip.
This payment method would be available only to a certain group of people, participants of the Olympic games in Rio this summer, and it’s usage will be quite simple – all they need to do to confirm a payment is to get toe ring close to the terminal (without the need of PIN codes nor passwords) and the bill will be payed.
This ring, also has no screen, no battery, and all the energy it needs to function is the energy from the terminal itself. Visa Payment Ring will be connected to a prepaid Visa account (that will be able to be created online), and in case of theft or being lost, the ring can be deactivated online.
Visa haven’t gave any additional information on if and when will this ring become available to all the user of their services, as well as how much will this ring cost.The idea for this payment method appeared when the Visa staff had a conversation with athletes and they realized that they need a payment method which they can use, but it wont require to be carried in a wallet like a standard card, nor it will require battery charging like the smart phones or watches, and they believe that Visa Payment Ring will fulfill their expectations.
Also, it’s kind of cool to have one ring to will rule them all, payment methods I mean.